The company said in a disclosure to securities regulators lastweek that it restructured the lease of its headquarters facility,shrinking it to 35,000 sf from 64,000 sf. PPT had tried subleasingsome of the space at its facilities at 12988 Valley View Rd, butaccording to a recent quarterly report to investors, attemptsproved unsuccessful.

The downsizing will result in a savings of about $120,000 perquarter. In exchange for the amended lease terms, the company hasagreed to pay $140,000 for some leasehold improvements associatedwith the reconfigured space and pay a $240,000 lease terminationfee in equal monthly installments over a 12-month period, andextend the current lease term by two years through May, 2011. PPTdid not identify the owner of the building.

PPT also said that it has closed its Michigan office and hastransferred those functions to several of the company's systemintegration partners. PPT, which had 58 full-time employees as ofJan. 15, also said it cut about 15% of its work force. The companywill take a $400,000 charge in the second quarter ended April 30for the restructuring, which it said will result in savings of $1.2million a year.